Chevron wins exploration rights in nine Norwegian blocks

Chevron Europe, Eurasia and Middle East has won the exploration rights in nine blocks in the 20th Norwegian Licensing Round.

Offshore staff

LONDON -- Chevron Europe, Eurasia and Middle East has won the exploration rights in nine blocks in the 20th Norwegian Licensing Round.

The blocks are in the Outer Voring basin in the Norwegian Sea, approximately 155 mi (250 km) west of the coast of Kristiansund in 3,000 ft (1,000 m) of water. Chevron has been appointed as the operator with a 40% percent equity interest in the blocks 6703/7, 8, 9, 10, 11 & 12 and 6704/7, 8 & 10. The other participants in the blocks are StatoilHydro with 20% equity interest, Shell with 20% equity interest, and SD0E with 20% equity interest.

"We view the Outer Voring as an area of significant resource potential and this acquisition advances our strategy of pursuing attractive and high-impact growth opportunities," says Guy Hollingsworth, president of Chevron Europe, Eurasia and Middle East. "It's Chevron's first in the deepwater of the Norwegian Sea and as operator, we look forward to working with our partners and bringing our technical expertise and capabilities to this high-potential area."

The license was applied for jointly with StatoilHydro and Shell under an Area of Mutual Interest (AMI) agreement.

05/01/2009

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